Pacific Western Bank has provided a $30 million senior credit facility to Kate Farms, a producer of plant-based, organic, nutritional formulas. The capital will be used for growth and expansion. Kate Farms’ backers include Goldman Sachs Asset Management, Kaiser Permanente Ventures and Main Street Advisors.
SANTA BARBARA, Calif., June 15, 2021 /PRNewswire/ — Kate Farms®, the market leader bringing plant-based nutrition into healthcare, announced today that the company has secured a $30 million senior credit facility with Pacific Western Bank to help fuel the company’s further growth and expansion. The transaction follows Kate Farms’ recent Series B funding round totaling $60 million and led by Goldman Sachs Asset Management, Kaiser Permanente Ventures and Main Street Advisors.
Kate Farms continues to drive change and clinically proven outcomes in the medical nutrition space through its higher standard, plant-based formulas. Kate Farms products are organic, non-GMO, plant-based products that not only taste great but are scientifically formulated, clinically proven, and available to most of the leading hospitals across the country to improve people’s health, particularly those with chronic medical conditions.
Kate Farms has secured a $30 Million senior credit facility with Pacific Western Bank to fuel growth and expansion.
“We are proud to have successfully closed this credit facility with Pacific Western Bank as they very clearly understand our current needs and our future potential,” said Tom Beecher, President of Kate Farms. “This is also a reflection of the increasingly rapid growth across the plant-based industry generally, and in healthcare specifically.”
“Pacific Western Bank is proud to support Kate Farms with this financing. They are truly a forward-thinking business providing a solution for their clients at a critical time in their lives. We believe their environmentally conscious approach and sound business plan will allow them to succeed and grow their market moving forward,” said Jim Duncan, Managing Director of Structured Finance at Pacific Western Bank.
Cafferty & Company served as independent advisor to Kate Farms on the transaction.
About Kate Farms
Kate Farms was founded when a little girl named Kate was failing to thrive, putting her very life at risk. She could not tolerate the tube feeding formulas available, so her parents had the transformative idea to develop a better formula using the highest quality, organic, plant-based ingredients without the synthetic ingredients and common allergens found in traditional formulas. Now the #1 plant-based formula on the market, Kate Farms serves thousands of patients suffering from severe, chronic diseases to less serious medical issues, and is available through prescription and over-the-counter.
Kate Farms produces plant-based, organic, clinically proven nutritional formulas without major allergens, including soy, dairy and corn. Eligible for insurance coverage by Medicare, Medicaid and more than 2,000 private insurance plans and a growing number of WIC programs, Kate Farms formulas and nutrition shakes are made of easily digested organic pea protein, prebiotic soluble fiber from organic agave inulin and a clinically effective phytonutrient blend that provides antioxidants. Kate Farms flows easily through a feeding tube and is also used orally because of its great taste. Kate Farms formulas are on formulary with many leading children’s and adult hospital systems across the country and are available to more than 90% of U.S. hospitals via Group Purchasing Organization (GPO) contracts. For more information, visit www.katefarms.com or follow the company on Instagram, Twitter, Facebook, or LinkedIn.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $32 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado. The Bank has 70 full-service branches located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. For more information about Pacific Western Bank, visit www.pacwest.com.